Allegations
I WAS 1 OF 6 GENERAL PARTNERS IN A PRIVATE SAFE-DEPOSIT BOX RENTAL BUSINESS WHICH FAILED IN 1982. THIS WAS NOT A SECURITIES RELATED BUSINESS. SUIT WAS BROUGHT AGAINST ALL GENERAL PARTNERS, INCLUDING THE ATTORNEY WHO PREPARED THE PARTNERSHIP AGREEMENT, ALLEGING MISMANAGEMENT OF THE BUSINESS OPERATIONS, AND FEDERAL AND STATE SECURITIES FRAUD.
Damage Amount Requested
$406,000.00
Settlement Amount
$75,000.00
Broker Comment
CIVIL
ACTION NO. CV-F-83-309 (EDP), FILED IN THE U.S. DISTRICT COURT
FOR THE EASTERN DISTRICT OF CALIFORNIA. [CUSTOMERS], [TRUSTEE], AS
TRUSTEE FOR BAKERFIELD PANORAMA MEDICAL CLINIC, INC. EMPLOYEES
DEFINED BENEFITS PENSION PLAN AND TRUST, ET AL. VS. [THIRD PARTY], [THIRD PARTY], [THIRD PARTY], [THIRD PARTY], [THIRD PARTY], [THIRD PARTY], THE TREASURY VAULT OF WEST COVINA,
[THIRD PARTY], [THIRD PARTY] AND [THIRD PARTY], RAMEY MANAGEMENT INC.,
ET AL. THE COMPLAINT WAS FILED 7/15/83 FOR FEDERAL SECURITIES
FRAUD (15 U.S.C. SECTIONS 77A ET SEC); STATE SECURITIES FRAUD
(CALIFORNIA CORPORATION CODE SECTIONS 2510 ET. SEC,; AND COMMON
LAW FRAUD). THE COMPLAINT INVOLVES A LIMITED PARTNERSHIP
AGREEMENT. PLAINTIFFS ARE DEMANDING JUDGMENT FOR RESCISSION AND
RETURN OF THEIR INVESTMENT OF APPROXIMATELY $306,000 PLUS
DAMAGES OF APPROXIMATELY $100,000 ACCORDING TO PROOF, FOR
COMPENSATORY DAMAGES, FOR TREBLE DAMAGES, FOR PUNITIVE DAMAGES
ACCORDING TO PROOF, FOR ATTORNEYS FEES, FOR AN ACCOUNTING FOR
THE MONIES EXPENDED BY DEFENDANT GENERAL PARTNERS AND DEFENDANT
RAMEY MANAGEMENT, INC. IN THE CONSTRUCTION OF THE PREMISES OF
THE PARTNERSHIP BUSINESS. FOR COSTS OF THE SUIT AND OTHER COURT
RELIEF.